The Last Story: Cover-based Action RPG?

Nintendo and Mistwalker have released the first trailer for the upcoming Wii RPG, The Last Story. Not much is known about the game thus far, but a few things can be discerned from finally seeing the game in action. There appears to be some sort of cover mechanic that plays off of the element of surprise as well as a “Monster Hunter-ish” set of your party’s life gauges down the left side of the HUD. Check out the new footage here.